Insurance News Archive

Couples 'are in the market to rent'

More young professionals than ever are looking to rent commercial property rather than invest in a home of their own, it has been claimed.

A study by Experian found high repossession rates and steep house price corrections in the midlands and south-west regions of the UK, which may prompt younger couples to stay in the rental market for longer, residentiallandlord.co.uk reports.

Rob Deans, a sales executive from Nottingham, is quoted by the news source as saying: "In recent years the market has been saturated with good quality apartments which investors have snapped up.

"This therefore means that there are loads of great deals for couples looking to rent until the market stabilizes."

Job uncertainty is also cited as a contributory factor for couples choosing the rental option, with the economic downturn fuelling fears of widespread unemployment, making buying property appear less viable for many.

There have been calls this week for chancellor Alistair Darling to extend the current temporary hold on stamp duty charges for homebuyers investing in homes worth less than £175,000.

25 Nov 2008